IIROC provides guidance for providing notice of DEA agreements

December 10, 2013

On December 3, the Investment Industry Regulatory Organization of Canada published guidance to assist participant dealers in complying with new gatekeeper and notice requirements for direct electronic access (DEA) and routing arrangements.

As we discussed earlier this year, under amendments to NI 23-103 Electronic Trading that come into force on March 1, 2014, only participant dealers may provide DEA, and DEA may not be provided to a client acting and registered as a dealer with a securities regulatory authority. Related amendments to UMIR that come into force on the same day will require dealers to notify IIROC when entering into a written agreement for DEA or a routing arrangement. The changes to UMIR also expand gatekeeper reporting obligations to include certain information related to DEA and routing arrangements.

IIROC's recently released notice, meanwhile, provides guidance on such matters including the means of providing notice, the information that is required in the notice to IIROC and the timing of notice. For more information, see IIROC Notice 13-0290.

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